GMDC's Profit Declines Despite Revenue Surge in Q1 FY25

The Gujarat Mineral Development Corporation (GMDC) reported a 15.8% decline in consolidated profit, totaling Rs 184.05 crore for the quarter ending June 30, 2024. Despite lower profits, income rose to Rs 877.90 crore. Significant increases also noted in lignite production and revenues from thermal and wind projects.

Gujarat Mineral Development Corporation (GMDC) reported a 15.8 per cent decline in consolidated profit to Rs 184.05 crore for the quarter ended June 30, 2024.

The company had reported a profit of Rs 218.70 crore in the same period last year, according to a recent filing.

Despite the dip in profit, GMDC's income for April-June FY25 increased to Rs 877.90 crore from the previous year's Rs 826.77 crore.

Notably, total lignite production during the quarter surged to 22.96 lakh tonnes from 18.27 lakh tonnes year-on-year. Revenue from thermal projects rose to Rs 28 crore compared to Rs 17 crore in the March quarter FY24.

Additionally, revenue from wind projects increased sharply by 67 per cent to Rs 40 crore in Q1FY25 from Rs 24 crore in Q4FY24.

Managing Director Roopwant Singh stated that April-June proved pivotal for the company, with strategic initiatives leading to significant operational revenue. GMDC remains the nation's second-largest lignite producer and top merchant seller of lignite.